Brunswick Corp today reported sales of US$1.09bn for its fourth quarter ended December 31, 2017, up 11% compared to the same period a year ago. The company had a net loss of US$116.9m for the quarter. For the full year, sales rose 9% to US$4.5bn, compared to US$4.15bn a year ago. Net income was US$146.4m for the fiscal year. Brunswick reported US$96.6m cash pension settlement charges and special tax charge of US$71.8m under the new US tax law.
The Marine Engine segment’s fourth-quarter sales were up 13% to US$564.6, with operating earnings of US$57.5m. Mercury said international sales represented 31% of total sales for the quarter. Its full-year sales were US$2.63bn compared to US$2.44bn in 2016.
Boat category sales were up 14% for the year to US$1.1bn, while fourth quarter sales were US$283.2bn compared to US$245.3bn a year ago. Brunswick announced last quarter that it would be selling its Sea Ray and Meridian brands. Sea Ray had sales of US$103.2m in the fourth quarter and US$387.6m for the year, with operating losses of US$5.9m for the quarter and US$17.2m for the year.
“Overall demand in global marine markets was strong, as domestic markets continued to grow and international markets benefited from gains in Europe, Canada, and Asia-Pacific, as well as improving conditions in other regions,” said Mark Schwabero, Brunswick chairman and CEO, in a statement.
Brunswick’s outlook for 2018 includes a growth of sales between 5% and 7%. “Our guidance for 2018 reflects a diluted EPS, as adjusted, range of US$4.45 to US$4.65, including benefits from recently enacted US tax reform and ongoing execution of our share repurchase program,” said Schwabero.